1992 (4) TMI 67

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....tion by the assessee in respect of the assessment year 1983-84. 2. Revenue has taken the following ground before us : "On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the Assessing Officer to consider the net dividend and not the gross dividend received by the assessee from a foreign company for including the total income of the assessee-co....

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....s year of a person who is a resident of India includes all income from whatever source derived which accrues or arises to him outside India during such year. That a shareholder of a Foreign resident in India would therefore, have to be taxed on the dividend income received from a Foreign Company. Upto the year 1965 the dividend income of a shareholder in a Foreign Company was only the net dividend....

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....t have been earned on or before 31st March, 1966. Explaining further their Lordships recalled the position of the " year of assessment " under the English Act, as per which the Income-tax year commenced on the 6th April and ended on the following 5th April and that the term " year of assessment " when used in the English Income-tax Act, 1952 with reference to any tax meant the year for which the t....

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.... a resident in India would be taxed on the dividend income received by him from a Foreign Company. Till 1965 the dividend income of a shareholder in a Foreign Company was only the net dividend, but this position underwent a change by the amendment made to the English Finance Act, 1965. Under section 47(1)/(2)/(4) of the English Finance Act, 1965 the dividend income of a shareholder in a English Co....